智通财经APP获悉，东方财富证券发布研报称，25年1-9月煤炭产量同比+2%，7月能源局108号文件发 布以来煤炭产量明显下降，7/8/9月全国煤炭产量分别同比-3.8%/-3.2%/-1.8%，其中尤其是山西、新疆地 区产量环比减量明显。进口端上，继2024年进口量创下历史新高之后，25年进口量有所减量，25年1-9 月累计进口3.46亿吨，同比-11.1%。在"反内卷"政策逻辑不断演绎及国家能源局核查产能文件出台后， 煤炭价格底部进一步夯实，叠加煤矿新增产能或增长有限，预计板块将进入中长期震荡向上的大周期。 东方财富证券主要观点如下： 4)建材：25年建材需求仍然受到地产拖累，呈现同比下滑，但降幅有所收窄。根据sxcoal的估计，25年 1-9月建材用煤量1.86亿吨，同比-4.6%，较24年1-9月的降幅9.1%明显收窄。 煤炭"反内卷"对中下游行业全面"反内卷"体系至关重要，有望加速行业震荡向上的拐点到来 2024年7月30日中央政治局会议首次提出"依法依规治理企业无序竞争，推进重点行业产能治理"，2025 年7月10日发布的国家能源局108号文为煤炭"反内卷"的核心文件，本轮煤炭行业"反内卷"的核心 ...

智通财经APP获悉，东方财富证券发布研报称，相较于2024年的供需不匹配导致产业经营情况恶化，进 入2025年后企业逐渐降低增长目标适应需求、企业报表在第二、第三季度逐步调整，此举不仅缓解了经 营的供需矛盾也提升了板块投资价值，主要逻辑在于缩短了行业去库存周期，该行预期在明年第二或第 三季度实现报表层面的正增长。 东方财富证券主要观点如下： 回顾 2025Q1-Q3期间，在弱需求下行业营收微增、利润有所承压，其中25Q3申万食品饮料营业收入、归母净 利润分别同比-4.9%/-14.6%，25Q3板块加速出清。传统消费受制于消费场景及弱需求恢复较慢，如白酒 25Q3加速出清，啤酒需求承压下量价表现较弱;零食、饮料等具备新品放量和渠道拓展机会的板块景气 度延续，如魔芋品类自24年来快速增长;与此同时积极改革创新的企业表现出强劲势头，如会稽山等。 不同品类的分析与展望 白酒：25Q3行业加速出清，拐点逐渐明朗。25年前三季度板块总体营收/归母净利润同比-5.8%/-6.9%， 其中25Q3分别同比-18.4%/-22.2%，在需求改善下行业降幅或逐步收窄。需求端来看，宴席、大众聚饮 等刚性需求韧性较强，商务活动受损 ...

Group 1 - The ChiNext Index opened lower but gained strength throughout the day, with the ChiNext 50 ETF (159682) rising nearly 1.5% at one point and achieving a trading volume exceeding 170 million yuan [1] - The ETF has seen a net inflow of over 120 million yuan over the past three days, indicating strong investor interest [1] - Key stocks within the ETF include Ningde Times, Dongfang Wealth, and Zhongji Xuchuang, among others, highlighting a diverse sector allocation including manufacturing and technology services [1] Group 2 - Zhongtai Securities indicates that the technology growth sector remains a mid-term focus due to declining interest rates and supportive policies for "technological innovation" and "new productivity" [2]

Group 1 - The core viewpoint of the news highlights the significant investment by Anthropic, which plans to spend $30 billion to expand its Claude AI model on Microsoft's Azure cloud platform, supported by NVIDIA's computing power [1] - The ChiNext 50 Index (399673) has shown a strong increase of 1.43%, with notable gains from constituent stocks such as Zhongji Xuchuang (300308) up 5.54%, Nanda Optoelectronics (300346) up 4.00%, and Xinyi Technology (300502) up 3.38% [1] - Guoyuan Securities notes that domestic model companies have shifted from relying on massive computing resources for model performance enhancement to algorithmic innovations like model sparsification, indicating a transition in the industry [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the ChiNext 50 Index (399673) include CATL (300750), Zhongji Xuchuang (300308), and Dongfang Fortune (300059), collectively accounting for 70.15% of the index [2] - The ChiNext 50 ETF (159681) closely tracks the ChiNext 50 Index, which consists of the 50 stocks with the highest average daily trading volume in the ChiNext market, reflecting the overall performance of well-known, large-cap, and liquid companies [1][2]

11月18日，东方财富（300059）证券举办2026年度策略会。会议期间，东方财富证券研究所所长孟杰接 受了证券时报记者专访。 2024年8月，孟杰履新东方财富证券研究所所长。彼时，A股市场尚处"9·24"行情启动前的沉寂期，同时 公募基金费率改革刚刚落地，卖方研究业务面临着佣金压降的严峻挑战。从顶尖分析师转型研究所管理 者，这一年多以来有着怎样的成长与收获，未来又有什么目标和策略？在专访中，孟杰与证券时报记者 一一分享。 致力打造新一代研究机构 "这一年的转型让我深刻体会到，管理者的核心任务不再是成为最亮的星，而是去打造一片能让群星闪 耀的天空。这是一条从专业走向管理、从个人成功走向团队成功的修行之路。"孟杰如是说。 2024年8月，孟杰加入东方财富证券研究所后，迅速推动东财研究"2.0启航"战略落地。在他看来，公募 费率改革正推动行业进入以"投资者回报"为核心的新常态，彻底颠覆了过去"重规模、轻回报"的业务逻 辑。改革部署通过了建立健全基金公司收入报酬与投资者回报绑定、强化长周期考核等机制，驱动着证 券研究的商业模式从"卖方研究"向"买方投顾"转型。 孟杰认为，在此过程中，深度研究的价值进一步凸显，市场 ...

2024年8月，孟杰履新东方财富证券研究所所长。彼时，A股市场尚处"9·24"行情启动前的沉寂期，同时 公募基金费率改革刚刚落地，卖方研究业务面临着佣金压降的严峻挑战。从顶尖分析师转型研究所管理 者，这一年多以来有着怎样的成长与收获，未来又有什么目标和策略？在专访中，孟杰与证券时报记者 一一分享。 致力打造新一代研究机构 "这一年的转型让我深刻体会到，管理者的核心任务不再是成为最亮的星，而是去打造一片能让群星闪 耀的天空。这是一条从专业走向管理、从个人成功走向团队成功的修行之路。"孟杰如是说。 2024年8月，孟杰加入东方财富证券研究所后，迅速推动东财研究"2.0启航"战略落地。在他看来，公募 费率改革正推动行业进入以"投资者回报"为核心的新常态，彻底颠覆了过去"重规模、轻回报"的业务逻 辑。改革部署通过了建立健全基金公司收入报酬与投资者回报绑定、强化长周期考核等机制，驱动着证 券研究的商业模式从"卖方研究"向"买方投顾"转型。 孟杰认为，在此过程中，深度研究的价值进一步凸显，市场对卖方研究的需求正从提供观点转向提供深 度策略支持，这为聚焦深度研究的研究所带来了发展机遇。 面对行业变革，东方财富证券研究所确立 ...

转自：证券时报 人民财讯11月18日电，11月18日，在东方财富证券2026年度策略会上，东方财富首席科学家、AI总监曹 巍表示，AI将重塑财富管理行业生态，将原本零散的用户信号、基础画像、操作路径、持仓与交易偏 好、以及近期关注与情绪脉络，融成一个不断迭代的认知闭环，形成"用得越久越懂你、越懂你越常 用"的飞轮效应。此外，跨行业AI协作更将延伸至养老金融领域，通过医疗看护与财富管理智能体联 动，实现全天候实时陪伴与动态资产配置，让"私人AI财富管家"成为可能，推动行业从标准化服务迈向 深度定制化的长期陪伴模式。 ...

Core Viewpoint - The 2026 strategy report by Dongfang Caifu Securities indicates a continued revaluation logic for Chinese assets, with expectations of increased allocation to equity markets by both domestic and foreign investors, suggesting significant room for growth in domestic residents' equity asset allocation and the potential for new highs in A-shares [1] Group 1: Market Outlook - The Chinese stock market is expected to experience a "confidence revaluation bull" in 2025, with a market revaluation of technology G2 and the international context of the Chinese stock market, leading to valuation recovery without overheating [1] - A-share earnings are projected to end the downward cycle from 2022 to 2024, with earnings no longer falling below market expectations and signs of bottoming out and recovery becoming evident [1] Group 2: Investment Opportunities - The report highlights three areas of expected divergence: corporate earnings are likely to exceed expectations, advancements in AI in China are anticipated to surpass expectations, and the expansion of "pragmatic cooperation" between China and the U.S. is expected to exceed expectations [1] - There is an optimistic outlook for the Chinese stock market trend in 2026, with expectations of sustained inflow of incremental micro-capital [1] Group 3: Risk Considerations - Attention is drawn to new volatility risk points, particularly regarding U.S. re-inflation and the commercialization race of AI applications [1] - The consensus expectation is for a continuation of the bull market in 2026, but it is emphasized that managing volatility and understanding structural changes will be crucial for achieving excess returns [1]

Core Insights - The 2026 strategy report by Dongfang Caifu Securities highlights the ongoing asset revaluation logic in China, suggesting that both domestic and foreign investments are likely to increase in the equity market, indicating a potential for new highs in A-shares [1] Group 1: Market Outlook - The report anticipates a continued expansion of the AI industry chain's prosperity, alongside a recovery in the Producer Price Index (PPI) year-on-year, which is expected to support a warming profit cycle [1] - There is significant room for improvement in domestic residents' allocation to equity assets, which could lead to a resonance in market dynamics [1] Group 2: Economic Indicators - The current phase of broad de-inventory is expected to stabilize, with the real estate inventory-to-sales ratio returning to historical averages in the second half of the year, suggesting a gradual improvement in traditional economic chains [1] - The report emphasizes that the proportion of "new momentum" in the economy is set to increase further, indicating a shift in economic drivers [1]

Core Viewpoint - The 2026 asset revaluation logic in China is expected to continue, with both domestic and foreign capital likely to increase their allocation to the equity market, indicating a potential for A-shares to reach new highs [1] Group 1 - The 2026 strategy conference held by Dongfang Caifu Securities took place in Lujiazui, Shanghai on November 18-19 [1] - Chen Guo, Deputy Director and Chief Strategist of Dongfang Caifu Securities Research Institute, highlighted the broad potential for domestic residents to increase their allocation to equity assets [1]